Toronto Stock Exchange: G
New York Stock Exchange: GG
VANCOUVER, Nov. 9 /PRNewswire/ - GOLDCORP INC. (TSX: G,
NYSE: GG) today announced highlights from its 2010 exploration
drill program.
- Red Lake: High Grade zone extended at depth.
- Musselwhite: Lynx discovery gets larger.
- Porcupine: Drilling success in new zones at Hoyle Pond underground.
- Éléonore: Geologic model supports potential for larger mine.
- Los Filos: Substantial reserve addition likely.
- Penasquito: High grade underground potential continues to grow.
- Marlin: Another high grade vein discovery at Marlin.
"In each of the last six years, Goldcorp's focused exploration
program has delivered greater gold exposure to shareholders by not
only increasing gold reserves in absolute numbers but also by
increasing our gold reserves on a per share basis," said
Chuck Jeannes, Goldcorp President
and Chief Executive Officer. "Continued exploration success in 2010
has positioned the Company to grow gold reserves for a seventh
consecutive year, driven by strong results at key assets. Our
highly prospective, Americas-based asset portfolio will remain an
important source of new high quality gold ounces-and continued
leverage to the gold price-in the future."
Canada
Red Lake
During 2010, recent underground infrastructure investments led
to an acceleration of exploration drilling at the Company's
cornerstone mine. Development of the High Grade zone (HGZ)
continued from the 4199 exploration drift, where three drills are
infilling and extending the HGZ at depth, between the 49 and 52
levels. Strong results there support the potential for increasing
2010 gold reserves in the HGZ for the first time in several years.
They include, 1.1 meters approximate true width of 3,706.9 grams
per tonne gold at the 50 level and 1.7 meters approximate true
width of 1,826.3 grams per tonne gold below the 51 level.
In 2010, a connection drift was completed linking the Red Lake
Complex to the Campbell Complex in the deepest part of the mine.
This drift provides additional flexibility for HGZ development,
where a drill platform is currently targeting the HGZ hanging wall
between the 45 and 47 levels. Exceptional results have been
received to date, illustrating strong continuity of portions of the
upper HGZ that have previously not been fully tested. With a result
including 34.7 meters approximate true width of 136.3 grams per
tonne gold on the 46 level, this area is expected to contribute new
gold reserves and resource additions. In 2011, a sustained
exploration program from both drifts will continue to target this
prolific gold zone from several platforms.
Slides 2 and 3: High Grade zone continues
In the upper Red Lake Complex, aggressive drilling and
development continues in the Far East Zone. Drilling throughout the
year targeted growth in reserves and resources between the 13 and
21 levels. Exploration drifting is currently underway on 21 level
at Red Lake to provide a drill
horizon for 2011 and beyond to infill and expand resources and
reserves between the 18 and 23 levels.
The R Zone in the deep Party Wall at Red Lake comprises the former boundary area
between the Red Lake and Campbell
mines that had been previously underexplored. Drilling throughout
the year on the R zone has returned significant assays that are
adding reserves and resources between the 30 and 37 levels.
Subsequent ore development has exposed these structures for the
first time. Current resource models are being updated in the area
and a new exploration and development plan will be in place in 2011
to further test the R Zone, which remains open at depth.
Cochenour
The Cochenour/Bruce Channel
deposit is located below Goldcorp's historic Cochenour mine and is a key component of
Goldcorp's consolidation plans in the Red
Lake district. A 2009 surface drilling program identified
gold mineralization in the Gap zone between the bottom of
Cochenour (2200 Level) and the top
of the Bruce Channel discovery. In 2010, underground drilling from
the 2050 level verified the continuity of gold-bearing structures
below Cochenour towards the Bruce
Channel deposit. For budget and planning purposes the Company has
sized the Cochenour project for a
mineable deposit of 5 million gold ounces. An initial gold mineral
resource is expected for year-end.
Work on enlarging and upgrading the existing Cochenour shaft is in progress and the
development of a 5 kilometer drift and high speed tram on the 5400
foot level connecting to the Red
Lake mine is underway. This will enable Cochenour/Bruce Channel ore to be hauled
directly to the Red Lake mine and
processed at the existing mill facility. The drift will also open
up exploration over five kilometers of untested ground in one of
the world's richest gold districts. Future exploration plans
include additional drilling both from surface and from underground
including drilling from the high speed tram drift. The first of the
drilling stations has been completed and drilling in this untested
area is expected to commence in 2011 once the drift excavation is
sufficiently advanced.
Slide 4: Cochenour - composite
longitudinal view
Musselwhite
The 2010 highlight of exploration activities at Musselwhite in
Ontario was the discovery of the
new Lynx zone. It is located above the cornerstone PQ Deeps
mineralization near existing underground infrastructure and offers
vast new exploration potential. The Lynx zone has significantly
higher grade than the historical Musselwhite orebodies and
therefore presents the potential for production expansion. With
intercepts including 9.8 meters approximate true width of 17.1
grams per tonne gold and 7.4 meters approximate true width of 18.1
grams per tonne, the Lynx zone has the potential to contribute to
reserve growth in 2010 and beyond. Recent drilling has focused on
delineating the zone, which already has a confirmed strike length
of 225 meters and a vertical extent of 260 meters. The deposit
remains open along strike and up-dip. It is expected that the Lynx
zone will be central to the justification of a shaft to facilitate
elevated production levels and operating cost reduction for the
long term.
Slide 5: Musselwhite plan view
Slide 6: Musselwhite Lynx zone position
Continued exploration success in the lower extensions of the PQ
Deeps underground operation has also enhanced the potential for
significant expansion at Musselwhite. Average gold grade is
increasing at depth, with assays in the deeper portions of the zone
including 6.9 meters approximate true width of 19.7 grams per
tonne. Two barge drilling platforms are in place for winter drill
testing of both Lynx and the PQ Deeps. Drilling in 2011 will focus
on definition drilling of the Lynx zone, extension of the PQ Deeps,
and testing of adjacent targets such as the West Limb and
T-Antiform North.
Porcupine
Exploration of deep mineralization, the target of the winze
currently being constructed, has indicated the possibility that the
TVZ extends upward, possibly to surface. Drilling during 2010
focused on lateral and depth extensions of current mineralized
zones including the TVZ and VAZ zones. A cross-cut drift on the
1210 level to the TVZ area in the sediments reached TVZ-1 in
mid-October with positive results. Development has continued
southeast to a lateral structure called TVZ-2 and is expected to
intersect the zone in mid-December. Diamond drilling in 2010 has
added a total of 35 new intersections in the TVZ zones. Notable
results include 1.1 meters of 40.50 grams per tonne and 33.9 meters
of 5.40 grams per tonne gold. A new platform is under development
at the 500 level to allow for up-plunge testing of these zones.
Three diamond drills are now in place to test the TVZ zones.
Slide 7: Hoyle Pond TVZ zone
Positive results in the VAZ zone will contribute substantially
to year-end Hoyle Pond reserves and support the potential to
replace gold ounces mined in 2010. The VAZ has now been extended
down through the 1450 meter level and remains open at depth.
Exploration development in 2011 will provide key drill platforms
for continued diamond drilling of the VAZ zone.
Slide 8: Hoyle Pond VAZ zone
Éléonore
Drilling at Éléonore in Quebec
continued to concentrate on identifying and defining new ore zones
within the hanging wall stratigraphy close to the exploration shaft
location. The exploration shaft has reached a depth of 37 meters,
and full-face shaft sinking will commence before the end of 2010
toward full completion by the end of 2011. Work progressed on
updating the existing pre-feasibility study and is expected to
include throughput and production rates reflective of the larger
2010 gold resource. As the project transitions into the mine
development stage, exploration in 2011 will focus on a number of
compelling regional targets in Canada's new gold district.
Slide 9: Éléonore - Roberto Deposit long zone
Mexico
Los Filos
Drilling on the north and south ends of the Bermejal deposit and
south end of the Los Filos deposit toward the 4P area has extended
the Bermejal pit and the continuity of the Los Filos ore body
towards the 4P area with better than average mine gold grades.
These results support a pit surrounding the Los Filos intrusive
contact with the potential for significant growth in 2010 gold
reserves and the emergence of a larger, contiguous pit complex. The
bottom of these deposits has not been defined. A focus in 2011 will
be the continued pit expansion and testing of underground mining
potential as a supplementary source of production at Los Filos.
Slide 10: Los Filos plan view
Penasquito
With full mine production capacity expected in early 2011, the
focus of exploration activities will be on continued testing and
analysis of satellite projects Noche
Buena and Camino Rojo as well as other high-potential
regional targets throughout the district. At Noche Buena, a drill program supporting a
planned scoping study has been completed and resource modeling has
advanced toward completion of the scoping study by year end. The
deposit remains open laterally. Geophysical work and permitting
activities at Camino Rojo will continue in 2011.
Slide 11: Noche Buena Deposit
Deep drilling at Penasquito has recently intersected a new
sulphide manto deposit on the east side of the Penasco pit that demonstrates similar
characteristics to existing high grade manto resources on the west
side of the pit. The results, which include 5.5 meters of 16% zinc,
84.6 grams per tonne silver, 0.35 grams per tonne gold and 0.9%
lead (at a depth of 895 meters), continue to support the potential
for a future underground operation with an opportunity to further
supplement core Penasquito production.
Slide 12: Penasquito Mantos & Targets
Central America
Guatemala
Following the late 2009 high-grade gold-silver vein discovery in
the West Vero zone, work during 2010 focused on delineation
drilling of that area. The vein is now defined to 1,200 meters
strike length and 250 meters dip extension and remains open to the
west and up-plunge. Assayed highlights during the year at West Vero
of 2.2 meters of 12.90 grams per tonne gold and 402 grams per tonne
silver and 2.5 meters of 8.77 grams per tonne gold and 669 grams
per tonne silver are expected to contribute new gold and silver
reserves and resource additions in 2010.
A new vein, Delmy, has now been discovered in a zone north of
the primary Marlin underground operation. A recent drill hole in
this area has intercepted five meters approximate true width of
55.9 grams per tonne gold and 1,723 grams per tonne silver.
Additional drilling is focused on confirming the attitude of the
new vein and delineating the structure.
Slide 13: Marlin - Delmy Vein
All slides mentioned in this news release are available at
www.goldcorp.com in the "Investors" section under "Presentations"
titled "2010 Exploration Highlights".
Goldcorp is one of the world's fastest growing senior gold
producers. Its low-cost gold production is located in safe
jurisdictions in the Americas and remains 100% unhedged.
Goldcorp has a team of geoscientists who are "qualified persons"
as such term is defined under National Instrument 43-101,
responsible for the design and conduct of Goldcorp's exploration
programs and have reviewed and approved the contents of this news
release. Maryse Belanger, Director
Technical Services is the Qualified Person for Corporate. For
information on geology, exploration activities generally, and
drilling and analysis procedures on Goldcorp's material properties,
see Goldcorp's Annual Information Form/Form 40-F on file with
Canadian provincial securities regulatory authorities and the
United States Securities and Exchange Commission. Sampling and
assaying methods of these programs are being conducted in
accordance with the CIM Mineral Exploration Best Practices
Guidelines.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements", within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities legislation,
concerning the business, operations and financial performance and
condition of Goldcorp Inc. Forward-looking statements include, but
are not limited to, statements with respect to the future price of
gold, silver, copper, lead and zinc, the estimation of mineral
reserves and resources, the realization of mineral reserve
estimates, the timing and amount of estimated future production,
costs of production, capital expenditures, costs and timing of the
development of new deposits, success of exploration activities,
permitting time lines, hedging practices, currency exchange rate
fluctuations, requirements for additional capital, government
regulation of mining operations, environmental risks, unanticipated
reclamation expenses, timing and possible outcome of pending
litigation, title disputes or claims and limitations on insurance
coverage. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", "believes" or
the negative connotation thereof or variations of such words and
phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof. All forward-looking
statements are developed based on assumptions about such risks,
uncertainties and other factors set at herein. Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Goldcorp to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: risks related to the
integration of acquisitions; risks related to international
operations; risks related to joint venture operations; actual
results of current exploration activities; actual results of
current reclamation activities; conclusions of economic
evaluations; changes in project parameters as plans continue to be
refined; future prices of gold, silver, copper, lead and zinc;
possible variations in ore reserves, grade or recovery rates;
failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes; delays in obtaining governmental
approvals or financing or in the completion of development or
construction activities and other risks of the mining industry, as
well as those factors discussed in the section entitled
"Description of the Business - Risk Factors" in Goldcorp's annual
information form for the year ended December
31, 2009 available at www.sedar.com. Although Goldcorp has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The
forward-looking statements contained in this press release are made
as of the date of this press release and, accordingly, are subject
to change after such date. Except as otherwise indicated by
Goldcorp, these statements do not reflect the potential impact of
any non-recurring or other special items or of any dispositions,
monetizations, mergers, acquisitions, other business combinations
or other transactions that may be announced or that may occur after
the date hereof. Forward-looking statements are provided for the
purpose of providing information about management's current
expectations and plans and allowing investors and others to get a
better understanding of Goldcorp's operating environment. Goldcorp
does not undertake to update any forward-looking statements that
are included in this document, except in accordance with applicable
securities laws.
SOURCE Goldcorp Inc.
Copyright v. 9 PR Newswire